Walton Bets Big on Calcutta Real Estate

By: Property

Calcutta, Jan. 23: Real estate private equity firm Walton Street Capital is planning to enter Calcutta's realty market.

Sourav Goswami, managing director of Walton Street Capital India, said the company was looking at two residential projects. 'One of the projects will be in Rajarhat and the other within the city itself,' he added.

Walton Street Capital is bullish on the realty market in Bengal and Calcutta. 'It is on everybody's radar. All parameters are indicating strong economic fundamentals. I wish we had invested more before,' Goswami said.

The company had picked up a stake in a project to develop Hindustan Motors' excess land in Uttarpara last September. It had also funded a Rs 600-crore project in 2007.

'We will announce three transactions in the next two months,' Goswami said. However, the city deals will not be part of the announcement.

Apart from the Hindustan Motors' project, the company has picked up a 20 per cent stake in Shriram Properties, which is expected to launch an initial public offering later this year. Walton is also planning to launch an India-specific real estate fund.

On Hindustan Motors' Uttarpara project, in which 20 million square feet will be developed, Goswami said work would start during the Pujas. A number of infotech and financial sector companies are interested in picking up space there. Besides Walton Street Capital, Starwood Capital Group and Shiram Properties are the two other partners in the project.

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